Brand Finance logo

Itaú Dominates Brand Rankings in Brazil and Across Latin America

13 September 2018
This article is more than 5 years old.

· Brazilian bank Itaú tops charts as most valuable brand, at R$25.0 billion

· Fastest-growing brands in Brazil are Localiza (+61%), Fibria (+42%), Votorantim (+36%)

· Beers is Brazil’s second-most valuable sector behind Banking, with Brahma leading charge

· Natura is Brazil’s and Latin America’s strongest brand, boasting elite AAA+ rating

· 33 of this year’s 100 most valuable Latin American brands are from Brazil

View the full list of Brazil’s 50 most valuable brands here

Brazilian bank Itaú tops the charts as the most valuable brand in Brazil and Latin America, according to the latest report by Brand Finance, the world’s leading independent brand valuation and strategy consultancy.

In the annual Brand Finance Brazil 50 study, the value of the Itaú brand, the country’s largest private sector bank, increased by 12% from the previous year, to R$25.0 billion. Among other ambitious marketing efforts, Brazil’s banking giant has continued its drive towards sponsorships of major sporting events. For instance, the famous Miami Open tennis tournament will continue to be billed as the ‘Miami Open presented by Itaú’, with the relationship in place until 2024.

David Haigh, CEO of Brand Finance, commented:

“Itaú is ramping up its international presence and continues to amplify its brand value. The brand’s growth reflects a global trend among banking and financial services brands, as the damaging legacy of the financial crisis slowly fades away and banks focus their efforts towards aspects of their brand strength, launch new marketing initiatives, and combine these with new technology investments.”

Top 10 maintain command

Other top 10 Brazilian brands have retained their lead over smaller brands, with little change in the rankings. Notably, Bradesco (R$17.6 billion) has maintained second rank, while the oil and gas giant Petrobras (R$16.0 billion) has overtaken Banco do Brasil (R$13.0 billion) in third.

Localiza, Fibria, Votorantim are Brazil’s fastest-growing brands

Notable performers in the Brand Finance Brazil 50 2018 ranking come from a variety of sectors: new entrant Localiza is the fastest-growing with brand value up 61% to R$0.8 billion, Fibria (up 42% to R$3.7 billion) and Votorantim (up 36% to R$2.2 billion) follow suit.

Beers bubble up

For a while now, beer brands have been serving up a solid presence throughout Latin America, competing in tough domestic markets as well as internationally and battling against trendier craft alternatives which have been flooding the alcoholic drinks market. With a brand value of R$11.6 billion, up 14% since last year, Brahma is Brazil’s most valuable beer brand, claiming 5th rank nationally. Overall, Beers is the country’s second-most valuable sector behind Banking, contributing 12.6% of the ranking’s total brand value.

Natura is strongest brand in Brazil

Aside from measuring the overall brand value, Brand Finance also evaluates the relative strength of brands, based on factors such as marketing investment, customer familiarity, staff satisfaction, and corporate reputation. Along with the level of revenues, brand strength is a crucial driver of brand value.

According to these criteria, in 2018, one Brazilian brand achieved the elite AAA+ brand strength rating. Natura, a manufacturer and marketer of beauty products, is Brazil’s and Latin America’s strongest brand, earning a BSI score of 90.1 out of 100. Just a handful of brands in the world across all industries achieve the rare AAA+ status, awarded to those with a BSI score of 89.5 or more.

33 of this year’s 100 most valuable Latin American brands are from Brazil

In the wider Brand Finance Latin America 100 2018 report, one third of the 100 most valuable brands in Latin America come from Brazil. The total brand value of the 33 Brazilian brands in the Latin American ranking amounts to US$54.6 billion, more than for brands from any other country in the region. It cements Brazil’s leading role across Latin America, especially in such a testing economic climate in the wider region.


Note to Editors

Every year, leading valuation and strategy consultancy Brand Finance values the world’s biggest brands. The 50 most valuable brands in Brazil are included in the Brand Finance Brazil 50 2018 league table.

Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is assessed through a balanced scorecard of factors (such as marketing investment, stakeholder equity, and business performance) and used to determine what proportion of a business’s revenue is contributed by the brand.

Additional insights, more information about the methodology, as well as definitions of key terms are available in the Brand Finance Brazil 50 2018 report.

Brand Finance helped craft the internationally recognized standard on Brand Valuation – ISO 10668, and the recently approved standard on Brand Evaluation – ISO 20671.

Data compiled for the Brand Finance league tables and reports are provided for the benefit of the media and are not to be used for any commercial or technical purpose without written permission from Brand Finance.

Media Contacts

Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

Get in Touch